Hundreds of tenants and union representatives from two west-end properties hit the streets of Toronto on Saturday to protest unfair rent prices.
Tenants, union members, food banks and tenant organizations took part in a “Rally for Fair Rent” on Saturday morning. The tenants marched towards the offices of York South-Weston MPP Michael Ford and Federal Housing Minister Admed Hussen.
Since the beginning of June, residents at 33 King St. in York-South Weston have withheld their rent payments to fight against their corporate landlord Dream Unlimited who they say have increased their rent three times higher than rent control regulations, according to media reports.
As of July 1, tenants at West22 apartments, located at 22 John Street, have also joined its neighbours at 33 King in its rent strike against the same landlord.
“Momentum is growing as we stand united against our corporate landlord. Dream’s own financial filings show 50% of their rent is profit — yet rents at 22 John Street continue to skyrocket without rent control. Tenants have received increases from 7 to 10 per cent year-over-year since the building opened in 2018,” the York South-Weston Tenant Union said in a statement on July 1.
In total, over 300 tenants from both apartment buildings have paused their rent payments for weeks.
“Whose wage goes up 10 percent every year? Not mine. Not my neighbours’. Just Michael Cooper’s,” 22 John St. tenant leader and York-South Weston union member Anthony Alao said at the rally.
Michael Cooper is the CEO of Dream Unlimited and his latest financial statements boast 50 per cent of the rent the company collects as profit, according to the union.
In addition, residents have also brought forth concerns surrounding the need for building repairs and amenity restoration. For instance, Alao mentioned that his building elevators have not ran consistently for the last three years.
The province says the rent increase guideline for 2023 is 2.5 per cent, this is the maximum amount a landlord can increase rent during the year for most of its tenants without the approval of the Ontario Landlord Tenant Board (LTB). The same goes for 2024.
The landlord under question, Dream Limited, tells Now Toronto in a statement on Monday it has worked with the federal government to preserve and increase the amount of affordable housing units at 33 King since acquiring the property in late 2021.
“40 per cent of all units at 33 King are now affordable and exempt from any AGI’s (above-guideline rent increases),” Dream Limited wrote.
“The AGI’s that are impacting the other 60 per cent of the building were inherited by the previous owner for work completed prior to our acquisition, in 2016-2018. We’ve been working hard to resolve these AGI’s and recently settled the prior owner’s 2018 AGI application, which included a significant reduction from the original ask,” the real estate company explained.
Dream Unlimited says the construction on-site is aimed at ensuring the long-term viability and safety of the building. The company clarified that the work is completely independent of any AGI applications and that Dream has not applied for any AGIs for this work.
The company is currently working on balcony restoration, including new window and balcony door installation, to improve safety conditions for its residents.
“As we work towards resolving the prior owner’s AGIs, we have made repeated offers to develop individual payment plans for residents. To date, only 30 out of 239 residents have requested any sort of assistance,” Dream said.
As for 22 John St., the real estate company says West22 does not fall under the purview of the provincial rent increase guidelines since the building was occupied after 2018.
“West22, located at 22 John St, was completed in 2019 and Dream acquired this property in late 2021,” Dream stated.
“We understand that affordability is a concern for many individuals and families, and have strived to keep the lease rates at West22 significantly lower than the market value. Even with recent increases, rents at West 22 are still 30 per cent below market standards,” it added.
By signing up, I agree to receive emails from Now Toronto and to the Privacy Policy and Terms & Conditions.
